I am not familiar with a more formal structure.

We will need a formal partnership agreement, which includes a buy-out clause. that's the bit that concerns me the most.  

They frequently do their own evaluation of value and you don't wait for formal appraisals. 

During our first 20 years of owning, managing and doing all repairs and maintenance ourselves, I never formally evicted anyone.

Another thing I tell people, is the 5-day pay or quit is just part of the formality, and that we can always drop it, it's not a big deal once paid up... but it opens their eyes up to the fact not paying has consequences.If they just leave, honestly that'd be your best option.. b/c they are gone, you didn't have to pay them to leave with a cash for keys, and you get possession of your house quicker! 

if there are judgements or leins you would be taking title sub too those leins.. and you will need to do a formal foreclosure to wipe anything junior out.

If you are not selecting them because of credit reasons you must formally notify them in writing of the reason and also the credit reporting agency that you used. 

Would anyone suggest completing a formal business plan when starting a real estate business or simply understanding and following you goals and objectives?

This seems like a transaction I hear about being executed on BP all of the time, but I haven't found a simple explanation or template for how to formally execute the process.

Those who purchased 20-30  years ago in Western Nassau near the border with Queens are sitting on a gold mine.